Government Borrowing Halves as COVID-19 Costs Fall

Government borrowing in the last financial year more than halved from the amount borrowed a year earlier when the UK saw major COVID-19 restrictions. Borrowing – the difference between spending and tax income – stood at £151.8bn, less than half the £317.6bn borrowed in 2020-21, figures showed. The government has had to borrow less since […]

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Number of Firms in Critical Financial Distress Rises Sharply

A growing number of UK businesses are at risk of going under, as costs spiral and COVID-19 loan repayments come due, a report has found. Construction and hospitality are the sectors struggling most, according to insolvency firm Begbies Traynor. Loan repayment schedules should be extended to ease the pressure, it said. The government said it […]

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Ukraine War to Cause Biggest Price Shock in 50 Years – World Bank

The war in Ukraine is set to cause the “largest commodity shock” since the 1970s, the World Bank has warned. In a new forecast, it said disruption caused by the conflict would contribute to huge price rises for goods ranging from natural gas to wheat and cotton. The increase in prices “is starting to have […]

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Companies House Reform will Increase “Red Tape” for SMEs

The UK government’s newly unveiled shake-up of corporate transparency legislation and Companies House will disproportionately hinder the already struggling small business population, according to Sanjay Parmar, partner at Grunberg & Co. “The government’s whitepaper in connection with reforming Companies House will increase the amount of red tape for small businesses who, under the current economic […]

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National Insurance Rise Starts to Hit Pay Packets

The burden of tax falling on workers and employers has increased as a hotly-debated rise in National Insurance payments takes effect. Employees, businesses and the self-employed will pay an extra 1.25p in the pound. The government says it will spend it on health and social care. Opposition MPs said it exacerbated cost of living pressures, […]

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